All Forum Posts by: Account Closed

Just received an email from a tenant, had been expecting them to leave at the end of their lease, family getting larger.
They have requested a dishwasher, none is there now, and replacement of the front door it is old and a bit could use replacing, in exchange for signing a new lease.

I am tempted as the area is really suffering and a multi-month vacancy and a reduced rent certainly awaits.

Thoughts..

Lot of great advice above.

Especially documenting everything and doing an inspection.

There are warning signs, looking for a job, and blaming the floor for missing out.

Is the tenant on-time with his payments?

It was about 1400 sq ft. NC Mark raised a good point about contacting the local utilities and see what kind of programs they are running.

Progress Energy has a program which I used, ending with the 700 price tag.

PNW is on the money too, tenants move over anything today, they can, and Florida AC bills are a killer.

This is one of those areas where you might want look at tenant quality. I know it is not a sexy, money earner, but it does have its benefits.

One tenant in a three-bedroom, 2 bath, complained about his electric bills, in Florida and he was paying hundreds per month.

Good tenant, worth keeping, so I did the full blown-in deal for about 700.00 and his bills did drop dramatically and my ac unit isn't working as hard . Happy tenant now,still pays on-time, and into his third year there.

I can't comment of using a contractor versus DIY, but that stuffs dangerous to play with, and I would rather not breathe it in. Liability angle might come into play with just hiring a kid, don't know for sure.

GL

Personally, disregarding any major event, I do not see how anything can improve with 10% unemployment and huge debts.

The unemployment rate will be the key to watch for a sustainable, not head fake, turn in house prices. More jobs, more taxes, less debt. No chance spending will decrease meaningfully in this economic environment.

So 2012, +-5% from where we are now waiting for the jobs to begin to show up.
Major event, then lower.

"Time for investors to get themselves into paid off homes and paid off cars ... with bills, especially utilities, paid by tenants so when it does hit the fan you can live in the ark while keeping your bills paid. It's not sexy, ... but it just may keep your butt from drowning."

Well said. It is so sad that so many still don't understand what is happening right in front of them. It is not getting better, there are still no jobs. Rents are still dropping.

No way I would buy another thing I don't absolutely need right now, time to hold on, reduce expenses, and wait it out as cheaply as possible.